Additional details have been revealed in Gov. Deval Patrick’s plan to increase state revenue, according to the Boston Globe.
The plan, unveiled on Wednesday, Jan. 16, is intended to help for the state’s crumbling public transit system and early childhood education.
- The plan would eliminate 45 personal tax deductions totaling $1.9 billion, including credits for T passes, college scholarships and dependents under 12 years old. It would also remove deductions for removing lead paint from a home, adoption fees and capital gains from the sale of a home.
- Some corporate tax benefits would be axed.
- The gas tax would be tied to inflation add half a cent would be added to the state’s 21-cent per gallon tax. The increases would begin next year and continue to rise with inflation.
- The plan also calls for an increase in MBTA fares, tunnel, bridge and turnpike tolls every two years starting in July of 2014.
- Registry fees would increase by 10 percent every five years beginning in July of 2015.
- Administration officials say regular increases are necessary to combat the eroding buying power fares and tolls. Republican lawmakers, however, believe the plan to become a call to cation or anti-tax groups.
- The plan also calls for doubling the personal exemption for taxpayers from $4,400 to $8,800.
- Patrick’s aim to is saddle people with higher incomes with a larger share of the tax burden.